Indianapolis Real Estate Market Report - January 2009

Real Estate sales in Indianapolis for January were significantly less than the number of homes sold in December. Blame it on the cold, the snow, the ice - or the normal winter slow down - there were 652 homes sold in Marion County compared to 803 last month.

The good news is, the percentage of foreclosures and short sales were less. Distressed property sales represented 42.9% of the sales in January, down from over 50% in December.

Maybe it's a sign we are seeing the foreclosure and bank owned home inventory start to dwindle.

Somehow, I think not. We will see more bank owned homes when the ban on foreclosures is lifted.

Township

Active

Sold

Average Price

Highest Price

Beech Grove

40

13

$62,319

$143,600

Center NE

565

66

$49,952

$532,000

Center NW

99

9

$15,450

$54,000

Center SE

243

35

$30,970

$280,000

Center SW

36

4

$46,233

$147,000

Decatur

104

29

$71,009

$114,900

Franklin

233

43

$109,829

$328,652

Lawrence

478

96

$122,484

$728,125

Perry

309

58

$92,171

$254,000

Pike

336

66

$117,415

$685,000

Speedway

29

1

$120,000

$120,000

Warren

495

79

$56,913

$185,000

Washington

626

60

$135,064

$800,000

Wayne

515

93

444,626

$270,000

The highest priced home sold in January was a five bedroom, six bath home in Meridian Hills, situated on a one acre lot with a finished basement. The home sold for $800,000 after only 5 days on the market. The lowest priced home sold in Marion County in January was a bank owned two bedroom, one bath home at 26th and Martin Luther King, which sold for $2300.00. Average days on market and absorption rate will vary by price range.

Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 1/1/2009 and 1/31/2009. Available homes were active on 1/31/2009. This data is reflective of homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed.